JPMorgan High Yield Fund
Schedule of Portfolio Investments as of November 30, 2022
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2022. |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — 83.0% | ||
Aerospace & Defense — 1.2% | ||
Bombardier, Inc. (Canada) | ||
7.50%, 3/15/2025 (a) | 1,229 | 1,231 |
7.88%, 4/15/2027 (a) | 1,676 | 1,649 |
BWX Technologies, Inc. | ||
4.13%, 6/30/2028 (a) | 6,974 | 6,207 |
4.13%, 4/15/2029 (a) | 8,074 | 7,105 |
Howmet Aerospace, Inc. 6.75%, 1/15/2028 | 5,937 | 6,056 |
Spirit AeroSystems, Inc. | ||
7.50%, 4/15/2025 (a) | 4,371 | 4,324 |
9.38%, 11/30/2029 (a) | 4,099 | 4,314 |
TransDigm, Inc. 6.25%, 3/15/2026 (a) | 9,392 | 9,346 |
Wesco Aircraft Holdings, Inc. | ||
8.50%, 11/15/2024 (a) | 4,050 | 2,005 |
9.00%, 11/15/2026 (a) | 18,116 | 11,503 |
13.13%, 11/15/2027 (a) | 4,215 | 1,054 |
54,794 | ||
Airlines — 0.9% | ||
American Airlines, Inc. | ||
5.50%, 4/20/2026 (a) | 13,523 | 13,115 |
5.75%, 4/20/2029 (a) | 15,140 | 14,095 |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | 5,689 | 5,660 |
United Airlines, Inc. 4.38%, 4/15/2026 (a) | 5,331 | 4,963 |
37,833 | ||
Auto Components — 3.1% | ||
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a) | 8,974 | 8,376 |
Allison Transmission, Inc. | ||
5.88%, 6/1/2029 (a) | 14,259 | 13,478 |
3.75%, 1/30/2031 (a) | 590 | 494 |
American Axle & Manufacturing, Inc. | ||
6.25%, 3/15/2026 | 2,743 | 2,598 |
6.50%, 4/1/2027 | 10,133 | 9,525 |
6.88%, 7/1/2028 | 6,773 | 6,522 |
5.00%, 10/1/2029 | 6,255 | 5,443 |
Clarios Global LP | ||
6.75%, 5/15/2025 (a) | 14,316 | 14,307 |
6.25%, 5/15/2026 (a) | 74 | 73 |
8.50%, 5/15/2027 (a) | 7,666 | 7,502 |
Cooper-Standard Automotive, Inc. | ||
13.00%, 6/1/2024 (a) | 24,460 | 25,588 |
5.63%, 11/15/2026 (a) | 30,427 | 12,722 |
Dana, Inc. | ||
5.38%, 11/15/2027 | 10,210 | 9,356 |
5.63%, 6/15/2028 | 3,588 | 3,301 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 9,503 | 6,324 |
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 7/15/2029 | 3,201 | 2,785 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Auto Components — continued | ||
5.25%, 4/30/2031 | 5,591 | 4,780 |
5.25%, 7/15/2031 | 1,753 | 1,502 |
134,676 | ||
Automobiles — 0.2% | ||
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 10,326 | 9,058 |
Banks — 0.8% | ||
Bank of America Corp. Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (b) (c) (d) | 12,177 | 11,874 |
Barclays plc (United Kingdom) | ||
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (b) (c) (d) | 6,252 | 6,002 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024 (b) (c) (d) | 5,787 | 5,570 |
Citigroup, Inc. | ||
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (b) (c) (d) | 2,725 | 2,541 |
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (b) (c) (d) | 9,565 | 9,256 |
35,243 | ||
Beverages — 0.2% | ||
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 9,903 | 7,707 |
Biotechnology — 0.1% | ||
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 7,800 | 3,510 |
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a) | 3,155 | 2,651 |
6,161 | ||
Building Products — 1.7% | ||
Builders FirstSource, Inc. | ||
4.25%, 2/1/2032 (a) | 7,954 | 6,448 |
6.38%, 6/15/2032 (a) | 5,512 | 5,092 |
Griffon Corp. 5.75%, 3/1/2028 | 14,430 | 13,422 |
JELD-WEN, Inc. | ||
6.25%, 5/15/2025 (a) | 3,605 | 3,389 |
4.88%, 12/15/2027 (a) | 16,106 | 12,616 |
Masonite International Corp. 5.38%, 2/1/2028 (a) | 2,179 | 1,975 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 5,642 | 4,626 |
PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | 3,908 | 3,292 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (a) | 4,875 | 4,486 |
4.75%, 1/15/2028 (a) | 17,675 | 16,019 |
3.38%, 1/15/2031 (a) | 2,693 | 2,065 |
Summit Materials LLC 5.25%, 1/15/2029 (a) | 1,558 | 1,438 |
74,868 | ||
Capital Markets — 0.0% ^ | ||
Coinbase Global, Inc. | ||
3.38%, 10/1/2028 (a) | 1,352 | 790 |
3.63%, 10/1/2031 (a) | 1,714 | 926 |
1,716 | ||
Chemicals — 2.4% | ||
Avient Corp. 7.13%, 8/1/2030 (a) | 1,689 | 1,649 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
Axalta Coating Systems LLC | ||
4.75%, 6/15/2027 (a) | 10,023 | 9,190 |
3.38%, 2/15/2029 (a) | 6,987 | 5,719 |
Chemours Co. (The) | ||
5.75%, 11/15/2028 (a) | 10,067 | 8,842 |
4.63%, 11/15/2029 (a) | 6,570 | 5,289 |
CVR Partners LP 6.13%, 6/15/2028 (a) | 4,512 | 4,074 |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 7,018 | 5,998 |
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a) | 1,500 | 1,334 |
NOVA Chemicals Corp. (Canada) | ||
5.00%, 5/1/2025 (a) | 1,832 | 1,724 |
5.25%, 6/1/2027 (a) | 16,291 | 14,622 |
4.25%, 5/15/2029 (a) | 3,907 | 3,257 |
Scotts Miracle-Gro Co. (The) | ||
4.50%, 10/15/2029 | 6,252 | 5,111 |
4.00%, 4/1/2031 | 6,036 | 4,587 |
4.38%, 2/1/2032 | 5,788 | 4,453 |
Trinseo Materials Operating SCA | ||
5.38%, 9/1/2025 (a) | 15,594 | 12,495 |
5.13%, 4/1/2029 (a) | 4,814 | 3,063 |
Venator Finance SARL 9.50%, 7/1/2025 (a) | 6,750 | 4,944 |
WR Grace Holdings LLC | ||
4.88%, 6/15/2027 (a) | 6,314 | 5,657 |
5.63%, 8/15/2029 (a) | 2,283 | 1,882 |
103,890 | ||
Commercial Services & Supplies — 3.0% | ||
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 12,145 | 10,146 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (a) | 7,049 | 6,152 |
4.88%, 7/15/2032 (a) | 10,447 | 9,039 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 1,874 | 1,780 |
9.75%, 7/15/2027 (a) | 2,420 | 2,184 |
4.63%, 6/01/2028 (a) | 8,260 | 6,972 |
APi Group DE, Inc. | ||
4.13%, 7/15/2029 (a) | 4,934 | 4,101 |
4.75%, 10/15/2029 (a) | 3,913 | 3,358 |
Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 9,268 | 8,667 |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | 16,239 | 14,931 |
CoreCivic, Inc. 8.25%, 4/15/2026 | 9,068 | 9,263 |
Garda World Security Corp. (Canada) | ||
4.63%, 2/15/2027 (a) | 7,425 | 6,668 |
9.50%, 11/1/2027 (a) | 605 | 560 |
6.00%, 6/1/2029 (a) | 7,370 | 5,970 |
GFL Environmental, Inc. (Canada) | ||
4.00%, 8/1/2028 (a) | 4,877 | 4,184 |
4.75%, 6/15/2029 (a) | 4,560 | 3,994 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Commercial Services & Supplies — continued | ||
4.38%, 8/15/2029 (a) | �� 3,940 | 3,381 |
Interface, Inc. 5.50%, 12/1/2028 (a) | 7,000 | 5,651 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 2,946 | 2,548 |
5.88%, 6/30/2029 (a) | 10,936 | 8,090 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 5,698 | 5,641 |
3.38%, 8/31/2027 (a) | 4,794 | 4,218 |
Stericycle, Inc. 3.88%, 1/15/2029 (a) | 5,696 | 4,955 |
132,453 | ||
Communications Equipment — 1.0% | ||
CommScope Technologies LLC | ||
6.00%, 6/15/2025 (a) | 2,223 | 2,083 |
5.00%, 3/15/2027 (a) | 1,000 | 763 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 12,521 | 12,114 |
8.25%, 3/1/2027 (a) | 11,915 | 10,228 |
7.13%, 7/1/2028 (a) | 7,779 | 6,029 |
4.75%, 9/1/2029 (a) | 13,099 | 11,031 |
42,248 | ||
Construction & Engineering — 0.8% | ||
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 6,706 | 5,759 |
Global Infrastructure Solutions, Inc. | ||
5.63%, 6/1/2029 (a) | 6,383 | 4,947 |
7.50%, 4/15/2032 (a) | 4,780 | 3,729 |
MasTec, Inc. 4.50%, 8/15/2028 (a) | 13,701 | 12,370 |
Pike Corp. 5.50%, 9/1/2028 (a) | 7,639 | 6,824 |
33,629 | ||
Consumer Finance — 3.0% | ||
Ford Motor Credit Co. LLC | ||
4.69%, 6/9/2025 | 3,125 | 3,006 |
5.13%, 6/16/2025 | 10,310 | 9,983 |
3.38%, 11/13/2025 | 5,110 | 4,714 |
4.39%, 1/8/2026 | 9,952 | 9,466 |
4.54%, 8/1/2026 | 19,438 | 18,293 |
4.27%, 1/9/2027 | 13,228 | 12,240 |
4.13%, 8/17/2027 | 12,830 | 11,706 |
3.82%, 11/2/2027 | 12,917 | 11,571 |
2.90%, 2/16/2028 | 5,000 | 4,177 |
2.90%, 2/10/2029 | 9,525 | 7,854 |
4.00%, 11/13/2030 | 4,903 | 4,147 |
ILFC E-Capital Trust II 5.37%, 12/21/2065 (a) (e) | 21,298 | 14,536 |
OneMain Finance Corp. | ||
6.88%, 3/15/2025 | 533 | 518 |
7.13%, 3/15/2026 | 9,771 | 9,466 |
3.50%, 1/15/2027 | 2,569 | 2,106 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
6.63%, 1/15/2028 | 695 | 639 |
4.00%, 9/15/2030 | 1,377 | 1,034 |
VistaJet Malta Finance plc (Switzerland) 6.38%, 2/1/2030 (a) | 5,702 | 4,676 |
130,132 | ||
Containers & Packaging — 1.7% | ||
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | 311 | 304 |
Ardagh Packaging Finance plc 5.25%, 8/15/2027 (a) | 30,395 | 22,988 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 3,888 | 3,287 |
LABL, Inc. | ||
6.75%, 7/15/2026 (a) | 13,420 | 12,816 |
10.50%, 7/15/2027 (a) | 557 | 513 |
Mauser Packaging Solutions Holding Co. | ||
5.50%, 4/15/2024 (a) | 5,182 | 5,111 |
7.25%, 4/15/2025 (a) | 10,339 | 9,434 |
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | 4,495 | 4,324 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 6,457 | 5,675 |
TriMas Corp. 4.13%, 4/15/2029 (a) | 5,856 | 4,992 |
Trivium Packaging Finance BV (Netherlands) | ||
5.50%, 8/15/2026 (a) (f) | 2,503 | 2,352 |
8.50%, 8/15/2027 (a) (f) | 4,012 | 3,756 |
75,552 | ||
Distributors — 0.1% | ||
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | 4,145 | 3,751 |
Diversified Financial Services — 0.2% | ||
Sabre GLBL, Inc. 7.38%, 9/1/2025 (a) | 8,330 | 7,934 |
Diversified Telecommunication Services — 8.3% | ||
Altice France Holding SA (Luxembourg) | ||
10.50%, 5/15/2027 (a) | 9,824 | 7,761 |
6.00%, 2/15/2028 (a) | 3,390 | 2,273 |
Altice France SA (France) | ||
5.13%, 7/15/2029 (a) | 11,282 | 8,891 |
5.50%, 10/15/2029 (a) | 4,859 | 3,897 |
CCO Holdings LLC | ||
5.13%, 5/1/2027 (a) | 53,374 | 50,518 |
5.00%, 2/1/2028 (a) | 30,591 | 28,121 |
5.38%, 6/1/2029 (a) | 11,650 | 10,572 |
4.75%, 3/1/2030 (a) | 29,909 | 25,713 |
4.50%, 8/15/2030 (a) | 4,245 | 3,576 |
4.25%, 2/1/2031 (a) | 23,493 | 19,072 |
4.75%, 2/1/2032 (a) | 7,715 | 6,452 |
4.25%, 1/15/2034 (a) | 7,625 | 5,940 |
Embarq Corp. 8.00%, 6/1/2036 | 11,178 | 4,749 |
ESC Co., Intelsat Jackson Holdings, Ltd. | ||
5.50%, 8/1/2023 ‡ (g) | 29,162 | 3 |
8.50%, 10/15/2024 ‡ (g) | 40,649 | 4 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
9.75%, 7/15/2025 ‡ (g) | 8,659 | 1 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 8,185 | 7,788 |
5.00%, 5/1/2028 (a) | 15,000 | 13,350 |
6.75%, 5/1/2029 (a) | 1,846 | 1,551 |
5.88%, 11/1/2029 | 1,490 | 1,189 |
6.00%, 1/15/2030 (a) | 1,466 | 1,200 |
8.75%, 5/15/2030 (a) | 704 | 728 |
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 49,314 | 45,369 |
Level 3 Financing, Inc. | ||
4.63%, 9/15/2027 (a) | 5,809 | 4,894 |
4.25%, 7/1/2028 (a) | 8,275 | 6,479 |
3.63%, 1/15/2029 (a) | 4,291 | 3,169 |
Lumen Technologies, Inc. | ||
5.13%, 12/15/2026 (a) | 17,275 | 14,770 |
4.00%, 2/15/2027 (a) | 23,618 | 20,134 |
Series G, 6.88%, 1/15/2028 | 3,893 | 3,129 |
4.50%, 1/15/2029 (a) | 3,185 | 2,157 |
5.38%, 6/15/2029 (a) | 6,750 | 4,767 |
Sprint Capital Corp. 8.75%, 3/15/2032 | 34,678 | 41,463 |
Telecom Italia Capital SA (Italy) | ||
6.38%, 11/15/2033 | 2,364 | 1,941 |
6.00%, 9/30/2034 | 2,580 | 1,993 |
Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a) | 12,677 | 10,587 |
364,201 | ||
Electric Utilities — 0.5% | ||
NRG Energy, Inc. | ||
5.75%, 1/15/2028 | 6,914 | 6,620 |
3.38%, 2/15/2029 (a) | 2,514 | 2,089 |
5.25%, 6/15/2029 (a) | 4,695 | 4,327 |
3.88%, 2/15/2032 (a) | 3,915 | 3,147 |
PG&E Corp. 5.00%, 7/1/2028 | 6,570 | 6,062 |
Vistra Operations Co. LLC 4.38%, 5/1/2029 (a) | 449 | 402 |
22,647 | ||
Electrical Equipment — 0.4% | ||
Sensata Technologies BV | ||
4.00%, 4/15/2029 (a) | 14,859 | 12,933 |
5.88%, 9/1/2030 (a) | 2,730 | 2,593 |
15,526 | ||
Electronic Equipment, Instruments & Components — 0.3% | ||
CDW LLC 4.25%, 4/1/2028 | 5,750 | 5,195 |
Coherent Corp. 5.00%, 12/15/2029 (a) | 7,596 | 6,703 |
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | 3,762 | 3,129 |
15,027 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Energy Equipment & Services — 0.8% | ||
Archrock Partners LP | ||
6.88%, 4/1/2027 (a) | 3,862 | 3,737 |
6.25%, 4/1/2028 (a) | 3,270 | 3,033 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 2,730 | 2,624 |
Nabors Industries, Inc. 5.75%, 2/1/2025 | 7,020 | 6,739 |
Precision Drilling Corp. (Canada) | ||
7.13%, 1/15/2026 (a) | 8,000 | 7,833 |
6.88%, 1/15/2029 (a) | 1,003 | 948 |
Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164 (b) (c) (h) | 9,878 | 5 |
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 10,301 | 10,018 |
34,937 | ||
Entertainment — 1.4% | ||
AMC Entertainment Holdings, Inc. 10.00% (Cash), 6/15/2026 (a) (h) | 5,825 | 2,177 |
Cinemark USA, Inc. | ||
8.75%, 5/1/2025 (a) | 4,715 | 4,809 |
5.25%, 7/15/2028 (a) | 3,370 | 2,692 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (a) | 6,720 | 6,615 |
5.63%, 3/15/2026 (a) | 8,741 | 8,286 |
6.50%, 5/15/2027 (a) | 13,913 | 13,939 |
4.75%, 10/15/2027 (a) | 12,638 | 11,406 |
Netflix, Inc. | ||
5.38%, 11/15/2029 (a) | 4,242 | 4,164 |
4.88%, 6/15/2030 (a) | 1,500 | 1,417 |
WMG Acquisition Corp. 3.75%, 12/1/2029 (a) | 5,640 | 4,864 |
60,369 | ||
Equity Real Estate Investment Trusts (REITs) — 2.1% | ||
Iron Mountain, Inc. | ||
5.00%, 7/15/2028 (a) | 3,844 | 3,496 |
4.88%, 9/15/2029 (a) | 5,465 | 4,805 |
4.50%, 2/15/2031 (a) | 6,166 | 5,162 |
RHP Hotel Properties LP | ||
4.75%, 10/15/2027 | 18,271 | 16,690 |
4.50%, 2/15/2029 (a) | 4,888 | 4,275 |
VICI Properties LP | ||
4.25%, 12/1/2026 (a) | 16,880 | 15,701 |
5.75%, 2/1/2027 (a) | 25,425 | 24,637 |
3.75%, 2/15/2027 (a) | 8,080 | 7,289 |
3.88%, 2/15/2029 (a) | 6,328 | 5,554 |
4.63%, 12/1/2029 (a) | 4,491 | 4,075 |
91,684 | ||
Food & Staples Retailing — 1.4% | ||
Albertsons Cos., Inc. | ||
4.63%, 1/15/2027 (a) | 4,025 | 3,724 |
5.88%, 2/15/2028 (a) | 470 | 450 |
3.50%, 3/15/2029 (a) | 11,720 | 9,763 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Food & Staples Retailing — continued | ||
4.88%, 2/15/2030 (a) | 4,360 | 3,890 |
New Albertsons LP | ||
7.75%, 6/15/2026 | ��� 2,278 | 2,349 |
6.63%, 6/1/2028 | 1,704 | 1,674 |
7.45%, 8/1/2029 | 3,130 | 3,156 |
Performance Food Group, Inc. | ||
5.50%, 10/15/2027 (a) | 8,368 | 8,075 |
4.25%, 8/1/2029 (a) | 9,483 | 8,427 |
Rite Aid Corp. | ||
7.50%, 7/1/2025 (a) | 9,639 | 7,242 |
8.00%, 11/15/2026 (a) | 15,820 | 9,843 |
US Foods, Inc. | ||
4.75%, 2/15/2029 (a) | 1,045 | 931 |
4.63%, 6/1/2030 (a) | 3,475 | 3,084 |
62,608 | ||
Food Products — 0.6% | ||
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a) | 7,875 | 6,965 |
Post Holdings, Inc. | ||
5.63%, 1/15/2028 (a) | 545 | 520 |
5.50%, 12/15/2029 (a) | 11,992 | 11,014 |
4.63%, 4/15/2030 (a) | 9,881 | 8,669 |
27,168 | ||
Gas Utilities — 0.2% | ||
AmeriGas Partners LP | ||
5.88%, 8/20/2026 | 2,897 | 2,759 |
5.75%, 5/20/2027 | 2,153 | 2,054 |
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | 2,992 | 2,555 |
7,368 | ||
Health Care Equipment & Supplies — 0.7% | ||
Avantor Funding, Inc. | ||
4.63%, 7/15/2028 (a) | 9,791 | 9,008 |
3.88%, 11/1/2029 (a) | 938 | 804 |
Hologic, Inc. 3.25%, 2/15/2029 (a) | 3,527 | 3,099 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 15,221 | 13,086 |
5.25%, 10/1/2029 (a) | 6,749 | 5,501 |
31,498 | ||
Health Care Providers & Services — 5.4% | ||
180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a) | 1,918 | 1,630 |
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | 11,080 | 10,417 |
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 4,800 | 3,762 |
Centene Corp. 4.63%, 12/15/2029 | 29,318 | 27,261 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 8,310 | 7,669 |
5.63%, 3/15/2027 (a) | 3,675 | 3,119 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
6.00%, 1/15/2029 (a) | 4,175 | 3,483 |
6.13%, 4/1/2030 (a) | 3,592 | 1,832 |
5.25%, 5/15/2030 (a) | 10,317 | 7,868 |
4.75%, 2/15/2031 (a) | 4,000 | 2,931 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 10,100 | 8,176 |
3.75%, 2/15/2031 (a) | 18,416 | 13,536 |
Encompass Health Corp. | ||
4.50%, 2/1/2028 | 25,848 | 23,244 |
4.75%, 2/1/2030 | 3,750 | 3,328 |
4.63%, 4/1/2031 | 40 | 35 |
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) | 10,925 | 3,168 |
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | 12,075 | 9,087 |
HCA, Inc. 5.38%, 9/1/2026 | 11,206 | 11,155 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (a) | 10,359 | 8,500 |
6.63%, 4/1/2030 (a) | 3,723 | 3,309 |
Radiology Partners, Inc. 9.25%, 2/1/2028 (a) | 6,010 | 3,609 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) | 3,946 | 3,304 |
Tenet Healthcare Corp. | ||
4.88%, 1/1/2026 (a) | 36,201 | 34,354 |
6.25%, 2/1/2027 (a) | 14,685 | 14,068 |
5.13%, 11/1/2027 (a) | 17,711 | 16,673 |
4.25%, 6/1/2029 (a) | 5,248 | 4,554 |
6.13%, 6/15/2030 (a) | 6,155 | 5,832 |
235,904 | ||
Health Care Technology — 0.2% | ||
IQVIA, Inc. | ||
5.00%, 10/15/2026 (a) | 5,037 | 4,848 |
5.00%, 5/15/2027 (a) | 4,061 | 3,878 |
8,726 | ||
Hotels, Restaurants & Leisure — 4.6% | ||
1011778 BC ULC (Canada) 4.00%, 10/15/2030 (a) | 15,856 | 13,353 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 5,692 | 5,065 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (a) | 3,810 | 3,765 |
8.13%, 7/1/2027 (a) | 6,583 | 6,608 |
4.63%, 10/15/2029 (a) | 3,782 | 3,167 |
Carnival Corp. | ||
10.50%, 2/1/2026 (a) | 2,418 | 2,447 |
5.75%, 3/1/2027 (a) | 11,204 | 8,331 |
4.00%, 8/1/2028 (a) | 6,020 | 5,012 |
6.00%, 5/1/2029 (a) | 1,919 | 1,362 |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | 3,218 | 3,351 |
Cedar Fair LP | ||
5.50%, 5/1/2025 (a) | 1,055 | 1,052 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
5.25%, 7/15/2029 | 4,575 | 3,997 |
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (a) | 1,937 | 1,899 |
3.75%, 5/1/2029 (a) | 1,247 | 1,107 |
4.88%, 1/15/2030 | 4,845 | 4,484 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 4,672 | 4,494 |
International Game Technology plc 6.50%, 2/15/2025 (a) | 730 | 734 |
IRB Holding Corp. 7.00%, 6/15/2025 (a) | 1,810 | 1,815 |
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | 8,221 | 6,926 |
MGM Resorts International | ||
6.00%, 3/15/2023 | 3,802 | 3,802 |
6.75%, 5/1/2025 | 1,930 | 1,921 |
5.75%, 6/15/2025 | 1,226 | 1,197 |
4.63%, 9/1/2026 | 13,333 | 12,300 |
5.50%, 4/15/2027 | 2,900 | 2,734 |
Royal Caribbean Cruises Ltd. | ||
11.50%, 6/1/2025 (a) | 6,261 | 6,715 |
11.63%, 8/15/2027 (a) | 10,188 | 10,468 |
8.25%, 1/15/2029 (a) | 5,292 | 5,372 |
9.25%, 1/15/2029 (a) | 5,307 | 5,433 |
Six Flags Entertainment Corp. | ||
4.88%, 7/31/2024 (a) | 9,492 | 9,227 |
5.50%, 4/15/2027 (a) | 10,104 | 9,123 |
Station Casinos LLC 4.50%, 2/15/2028 (a) | 15,332 | 13,523 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | 12,128 | 12,115 |
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a) | 10,504 | 10,083 |
Wynn Resorts Finance LLC | ||
7.75%, 4/15/2025 (a) | 2,705 | 2,711 |
5.13%, 10/1/2029 (a) | 9,855 | 8,565 |
Yum! Brands, Inc. | ||
3.63%, 3/15/2031 | 6,519 | 5,435 |
4.63%, 1/31/2032 | 4,603 | 4,074 |
203,767 | ||
Household Durables — 0.5% | ||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 11,224 | 9,947 |
Newell Brands, Inc. | ||
6.38%, 9/15/2027 | 1,126 | 1,116 |
6.63%, 9/15/2029 | 1,126 | 1,106 |
Tempur Sealy International, Inc. | ||
4.00%, 4/15/2029 (a) | 9,812 | 8,135 |
3.88%, 10/15/2031 (a) | 5,036 | 3,910 |
24,214 | ||
Household Products — 1.2% | ||
Central Garden & Pet Co. | ||
4.13%, 10/15/2030 | 11,446 | 9,529 |
4.13%, 4/30/2031 (a) | 775 | 640 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Household Products — continued | ||
Energizer Holdings, Inc. | ||
6.50%, 12/31/2027 (a) | 3,445 | 3,262 |
4.75%, 6/15/2028 (a) | 14,251 | 12,426 |
4.38%, 3/31/2029 (a) | 12,180 | 10,362 |
Spectrum Brands, Inc. | ||
5.00%, 10/1/2029 (a) | 4,384 | 3,743 |
5.50%, 7/15/2030 (a) | 13,219 | 11,321 |
3.88%, 3/15/2031 (a) | 1,977 | 1,478 |
52,761 | ||
Independent Power and Renewable Electricity Producers — 0.2% | ||
Calpine Corp. | ||
4.63%, 2/1/2029 (a) | 2,094 | 1,808 |
5.00%, 2/1/2031 (a) | 730 | 631 |
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (a) (b) (c) (d) | 6,765 | 6,051 |
8,490 | ||
Interactive Media & Services — 0.0% ^ | ||
TripAdvisor, Inc. 7.00%, 7/15/2025 (a) | 775 | 765 |
Internet & Direct Marketing Retail — 0.2% | ||
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) | 15,180 | 9,343 |
IT Services — 0.9% | ||
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 5,745 | 4,694 |
Arches Buyer, Inc. | ||
4.25%, 6/1/2028 (a) | 4,638 | 3,815 |
6.13%, 12/1/2028 (a) | 1,874 | 1,506 |
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a) | 6,626 | 5,959 |
Block, Inc. 3.50%, 6/1/2031 | 2,282 | 1,852 |
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a) | 4,788 | 4,315 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 9,830 | 8,061 |
Exela Intermediate LLC 11.50%, 7/15/2026 (a) | 3,290 | 493 |
Gartner, Inc. | ||
4.50%, 7/1/2028 (a) | 1,316 | 1,239 |
3.63%, 6/15/2029 (a) | 4,830 | 4,231 |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a) | 4,790 | 4,470 |
40,635 | ||
Leisure Products — 0.3% | ||
Mattel, Inc. 5.88%, 12/15/2027 (a) | 4,300 | 4,205 |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | 12,339 | 9,377 |
13,582 | ||
Life Sciences Tools & Services — 0.1% | ||
Syneos Health, Inc. 3.63%, 1/15/2029 (a) | 5,744 | 4,541 |
Machinery — 0.3% | ||
ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | 3,017 | 2,586 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Machinery — continued | ||
Terex Corp. 5.00%, 5/15/2029 (a) | 7,660 | 6,926 |
Wabash National Corp. 4.50%, 10/15/2028 (a) | 5,435 | 4,596 |
14,108 | ||
Media — 9.2% | ||
Altice Financing SA (Luxembourg) | ||
5.00%, 1/15/2028 (a) | 253 | 206 |
5.75%, 8/15/2029 (a) | 6,723 | 5,498 |
Audacy Capital Corp. 6.50%, 5/1/2027 (a) | 9,553 | 2,433 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 17,889 | 15,418 |
7.75%, 4/15/2028 (a) | 7,920 | 5,901 |
7.50%, 6/1/2029 (a) | 8,627 | 6,405 |
CSC Holdings LLC | ||
5.50%, 4/15/2027 (a) | 4,599 | 4,214 |
5.38%, 2/1/2028 (a) | 5,193 | 4,648 |
7.50%, 4/1/2028 (a) | 3,429 | 2,671 |
6.50%, 2/1/2029 (a) | 7,985 | 7,277 |
5.75%, 1/15/2030 (a) | 6,438 | 4,384 |
4.50%, 11/15/2031 (a) | 7,510 | 5,723 |
Diamond Sports Group LLC 5.38%, 8/15/2026 (a) | 8,271 | 1,344 |
Directv Financing LLC 5.88%, 8/15/2027 (a) | 10,274 | 9,427 |
DISH DBS Corp. | ||
5.00%, 3/15/2023 | 42,592 | 42,267 |
5.88%, 11/15/2024 | 45,053 | 42,812 |
7.75%, 7/1/2026 | 19,088 | 15,988 |
5.25%, 12/1/2026 (a) | 25,130 | 21,574 |
5.75%, 12/1/2028 (a) | 4,162 | 3,376 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 11,845 | 12,175 |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | 3,128 | 2,487 |
GCI LLC 4.75%, 10/15/2028 (a) | 15,567 | 13,337 |
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | 3,882 | 2,962 |
Gray Television, Inc. | ||
5.88%, 7/15/2026 (a) | 5,845 | 5,384 |
7.00%, 5/15/2027 (a) | 7,173 | 6,591 |
4.75%, 10/15/2030 (a) | 1,176 | 870 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 5,071 | 4,796 |
8.38%, 5/1/2027 | 17,092 | 15,212 |
5.25%, 8/15/2027 (a) | 8,720 | 7,766 |
Liberty Interactive LLC 8.25%, 2/1/2030 | 1,784 | 892 |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | 5,110 | 4,541 |
Midcontinent Communications 5.38%, 8/15/2027 (a) | 6,373 | 5,861 |
National CineMedia LLC 5.88%, 4/15/2028 (a) | 6,030 | 2,109 |
News Corp. | ||
3.88%, 5/15/2029 (a) | 6,356 | 5,649 |
5.13%, 2/15/2032 (a) | 2,220 | 2,035 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Media — continued | ||
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 22,674 | 21,380 |
4.75%, 11/1/2028 (a) | 11,866 | 10,560 |
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a) | 2,892 | 2,361 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 1,185 | 1,055 |
Sirius XM Radio, Inc. | ||
5.00%, 8/1/2027 (a) | 11,700 | 10,919 |
4.00%, 7/15/2028 (a) | 6,376 | 5,635 |
5.50%, 7/1/2029 (a) | 25,670 | 23,901 |
4.13%, 7/1/2030 (a) | 1,872 | 1,580 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 6,861 | 5,883 |
Univision Communications, Inc. | ||
6.63%, 6/1/2027 (a) | 1,120 | 1,091 |
4.50%, 5/1/2029 (a) | 2,153 | 1,833 |
7.38%, 6/30/2030 (a) | 6,223 | 6,211 |
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a) | 1,890 | 1,682 |
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a) | 13,098 | 12,522 |
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | 1,817 | 1,504 |
402,350 | ||
Metals & Mining — 1.6% | ||
Alcoa Nederland Holding BV | ||
5.50%, 12/15/2027 (a) | 6,842 | 6,559 |
6.13%, 5/15/2028 (a) | 4,505 | 4,373 |
Arconic Corp. | ||
6.00%, 5/15/2025 (a) | 2,530 | 2,492 |
6.13%, 2/15/2028 (a) | 13,034 | 12,238 |
ATI, Inc. | ||
5.88%, 12/1/2027 | 7,169 | 6,682 |
4.88%, 10/1/2029 | 3,082 | 2,627 |
5.13%, 10/1/2031 | 2,310 | 1,951 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 8,645 | 8,305 |
Carpenter Technology Corp. | ||
6.38%, 7/15/2028 | 6,581 | 6,210 |
7.63%, 3/15/2030 | 1,513 | 1,518 |
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029 (a) | 8,550 | 7,481 |
Kaiser Aluminum Corp. 4.50%, 6/1/2031 (a) | 3,360 | 2,837 |
Novelis Corp. | ||
4.75%, 1/30/2030 (a) | 4,382 | 3,896 |
3.88%, 8/15/2031 (a) | 1,474 | 1,209 |
United States Steel Corp. 6.88%, 3/1/2029 | 1,859 | 1,813 |
70,191 | ||
Multiline Retail — 0.4% | ||
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a) | 1,330 | 1,201 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 16,865 | 16,240 |
17,441 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — 8.4% | ||
Antero Midstream Partners LP | ||
7.88%, 5/15/2026 (a) | 8,938 | 9,119 |
5.75%, 3/1/2027 (a) | 5,065 | 4,837 |
5.75%, 1/15/2028 (a) | 7,589 | 7,172 |
Antero Resources Corp. | ||
8.38%, 7/15/2026 (a) | 4,943 | 5,200 |
7.63%, 2/1/2029 (a) | 3,522 | 3,594 |
5.38%, 3/1/2030 (a) | 2,697 | 2,527 |
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a) | 9,164 | 9,448 |
Blue Racer Midstream LLC 7.63%, 12/15/2025 (a) | 4,070 | 4,107 |
Buckeye Partners LP | ||
4.13%, 3/1/2025 (a) | 135 | 130 |
4.13%, 12/1/2027 | 2,953 | 2,611 |
4.50%, 3/1/2028 (a) | 6,011 | 5,335 |
California Resources Corp. 7.13%, 2/1/2026 (a) | 8,424 | 8,192 |
Cheniere Energy, Inc. 4.63%, 10/15/2028 | 5,018 | 4,631 |
Chesapeake Energy Corp. | ||
5.50%, 2/1/2026 (a) | 3,229 | 3,116 |
6.75%, 4/15/2029 (a) | 11,909 | 11,805 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 7,180 | 7,018 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | 1,540 | 1,284 |
CNX Resources Corp. | ||
6.00%, 1/15/2029 (a) | 2,964 | 2,802 |
7.38%, 1/15/2031 (a) | 3,105 | 3,107 |
Comstock Resources, Inc. | ||
6.75%, 3/1/2029 (a) | 12,053 | 11,772 |
5.88%, 1/15/2030 (a) | 3,801 | 3,502 |
Crestwood Midstream Partners LP | ||
5.75%, 4/1/2025 | 9,489 | 9,251 |
8.00%, 4/1/2029 (a) | 9,361 | 9,431 |
DCP Midstream Operating LP 6.75%, 9/15/2037 (a) | 5,546 | 5,681 |
DT Midstream, Inc. | ||
4.13%, 6/15/2029 (a) | 6,001 | 5,287 |
4.38%, 6/15/2031 (a) | 2,372 | 2,046 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | 11,130 | 10,651 |
EnLink Midstream LLC 6.50%, 9/1/2030 (a) | 2,276 | 2,312 |
EnLink Midstream Partners LP | ||
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (b) (c) (d) | 7,226 | 5,961 |
4.15%, 6/1/2025 | 639 | 610 |
EQM Midstream Partners LP | ||
6.00%, 7/1/2025 (a) | 1,397 | 1,369 |
4.13%, 12/1/2026 | 1,555 | 1,429 |
7.50%, 6/1/2027 (a) | 3,930 | 3,972 |
6.50%, 7/1/2027 (a) | 5,090 | 4,937 |
4.50%, 1/15/2029 (a) | 6,533 | 5,742 |
7.50%, 6/1/2030 (a) | 2,783 | 2,807 |
4.75%, 1/15/2031 (a) | 6,818 | 5,740 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Genesis Energy LP | ||
6.25%, 5/15/2026 | 5,665 | 5,251 |
8.00%, 1/15/2027 | 1,560 | 1,489 |
7.75%, 2/1/2028 | 2,181 | 2,081 |
Gulfport Energy Corp. | ||
8.00%, 5/17/2026 | 4,317 | 4,304 |
8.00%, 5/17/2026 (a) | 9,001 | 8,972 |
Gulfport Energy Operating Corp. | ||
6.00%, 10/15/2024 ‡ (g) | 10,250 | 13 |
6.38%, 5/15/2025 ‡ (g) | 1,796 | 2 |
6.38%, 1/15/2026 ‡ (g) | 8,845 | 11 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (a) | 4,780 | 4,699 |
4.25%, 2/15/2030 (a) | 4,177 | 3,571 |
Hilcorp Energy I LP | ||
6.00%, 4/15/2030 (a) | 2,773 | 2,550 |
6.25%, 4/15/2032 (a) | 2,307 | 2,117 |
Holly Energy Partners LP 5.00%, 2/1/2028 (a) | 5,425 | 4,943 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 2,299 | 2,160 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | 2,821 | 2,548 |
NuStar Logistics LP | ||
5.75%, 10/1/2025 | 897 | 872 |
6.00%, 6/1/2026 | 2,880 | 2,791 |
5.63%, 4/28/2027 | 7,714 | 7,254 |
Occidental Petroleum Corp. | ||
8.50%, 7/15/2027 | 7,142 | 7,785 |
6.38%, 9/1/2028 | 4,664 | 4,762 |
8.88%, 7/15/2030 | 8,988 | 10,302 |
6.63%, 9/1/2030 | 4,507 | 4,702 |
6.13%, 1/1/2031 | 6,126 | 6,215 |
Range Resources Corp. | ||
8.25%, 1/15/2029 | 8,057 | 8,406 |
4.75%, 2/15/2030 (a) | 8,468 | 7,600 |
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a) | 2,851 | 2,616 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 1,245 | 1,211 |
6.75%, 9/15/2026 | 2,970 | 2,911 |
6.63%, 1/15/2027 | 4,338 | 4,251 |
6.50%, 7/15/2028 | 1,862 | 1,821 |
Southwestern Energy Co. | ||
8.38%, 9/15/2028 | 4,000 | 4,154 |
5.38%, 3/15/2030 | 6,281 | 5,905 |
4.75%, 2/1/2032 | 913 | 798 |
Summit Midstream Holdings LLC 8.50%, 10/15/2026 (a) | 4,006 | 3,845 |
Sunoco LP | ||
4.50%, 5/15/2029 | 1,383 | 1,197 |
4.50%, 4/30/2030 | 9,288 | 8,058 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Tallgrass Energy Partners LP | ||
7.50%, 10/1/2025 (a) | 13,989 | 14,164 |
6.00%, 3/1/2027 (a) | 1,615 | 1,535 |
6.00%, 12/31/2030 (a) | 4,155 | 3,760 |
6.00%, 9/1/2031 (a) | 7,682 | 6,847 |
Targa Resources Partners LP | ||
5.00%, 1/15/2028 | 2,700 | 2,557 |
5.50%, 3/1/2030 | 1,860 | 1,778 |
4.88%, 2/1/2031 | 7,082 | 6,450 |
367,793 | ||
Paper & Forest Products — 0.1% | ||
Glatfelter Corp. 4.75%, 11/15/2029 (a) | 4,045 | 2,639 |
Personal Products — 0.5% | ||
Coty, Inc. | ||
5.00%, 4/15/2026 (a) | 5,209 | 4,994 |
4.75%, 1/15/2029 (a) | 4,025 | 3,582 |
Edgewell Personal Care Co. | ||
5.50%, 6/1/2028 (a) | 8,640 | 8,141 |
4.13%, 4/1/2029 (a) | 3,577 | 3,107 |
Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | 3,010 | 2,837 |
22,661 | ||
Pharmaceuticals — 3.7% | ||
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (a) | 33,524 | 21,738 |
8.50%, 1/31/2027 (a) | 4,545 | 2,182 |
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 49,837 | 42,107 |
9.00%, 12/15/2025 (a) | 29,696 | 21,381 |
5.00%, 1/30/2028 (a) | 5,505 | 2,253 |
4.88%, 6/1/2028 (a) | 8,865 | 5,431 |
5.00%, 2/15/2029 (a) | 10,285 | 4,332 |
6.25%, 2/15/2029 (a) | 5,466 | 2,284 |
5.25%, 1/30/2030 (a) | 8,054 | 3,354 |
5.25%, 2/15/2031 (a) | 8,085 | 3,380 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 5,474 | 5,215 |
3.13%, 2/15/2029 (a) | 1,654 | 1,352 |
Elanco Animal Health, Inc. 6.40%, 8/28/2028 (f) | 485 | 448 |
Endo Dac | ||
5.88%, 10/15/2024 (a) (f) | 5,067 | 4,011 |
9.50%, 7/31/2027 (a) (g) | 7,096 | 993 |
6.00%, 6/30/2028 (a) (g) | 4,621 | 222 |
Endo Luxembourg Finance Co. I Sarl 6.13%, 4/1/2029 (a) (f) | 3,055 | 2,288 |
Jazz Securities DAC 4.38%, 1/15/2029 (a) | 1,781 | 1,616 |
Mallinckrodt International Finance SA | ||
11.50%, 12/15/2028 (a) | 16,955 | 14,607 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Pharmaceuticals — continued | ||
10.00%, 6/15/2029 (a) | 5,503 | 2,820 |
Organon & Co. | ||
4.13%, 4/30/2028 (a) | 11,443 | 10,299 |
5.13%, 4/30/2031 (a) | 6,766 | 6,004 |
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a) (f) | 5,402 | 4,065 |
162,382 | ||
Professional Services — 0.0% ^ | ||
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 2,244 | 1,931 |
Real Estate Management & Development — 0.2% | ||
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 1,337 | 1,085 |
Realogy Group LLC 5.25%, 4/15/2030 (a) | 9,718 | 7,143 |
8,228 | ||
Road & Rail — 1.2% | ||
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (a) | 7,882 | 7,287 |
4.75%, 4/1/2028 (a) | 5,690 | 4,999 |
5.38%, 3/1/2029 (a) | 10,967 | 9,656 |
ESC GCBREGS EXIDE TECH | ||
7.13%, 8/1/2026 (g) | 22,954 | 1,951 |
6.00%, 1/15/2028 (g) | 20,858 | 1,773 |
Hertz Corp. (The) | ||
5.50%, 10/15/2024 (g) | 6,563 | 197 |
4.63%, 12/1/2026 (a) | 9,928 | 8,612 |
5.00%, 12/1/2029 (a) | 7,871 | 6,246 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 2,326 | 2,046 |
Uber Technologies, Inc. | ||
7.50%, 9/15/2027 (a) | 5,408 | 5,436 |
4.50%, 8/15/2029 (a) | 5,965 | 5,193 |
53,396 | ||
Semiconductors & Semiconductor Equipment — 0.9% | ||
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a) | 4,910 | 4,512 |
Entegris Escrow Corp. | ||
4.75%, 4/15/2029 (a) | 7,184 | 6,502 |
5.95%, 6/15/2030 (a) | 4,835 | 4,516 |
Entegris, Inc. | ||
4.38%, 4/15/2028 (a) | 7,124 | 6,295 |
3.63%, 5/1/2029 (a) | 3,766 | 3,126 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 14,750 | 13,079 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 3,400 | 2,833 |
40,863 | ||
Software — 1.2% | ||
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | 3,540 | 3,381 |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 4,103 | 3,073 |
Clarivate Science Holdings Corp. | ||
3.88%, 7/1/2028 (a) | 3,855 | 3,465 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Software — continued | ||
4.88%, 7/1/2029 (a) | 4,702 | 4,026 |
NCR Corp. | ||
5.75%, 9/1/2027 (a) | 10,740 | 10,445 |
5.00%, 10/1/2028 (a) | 3,815 | 3,319 |
5.13%, 4/15/2029 (a) | 5,232 | 4,500 |
6.13%, 9/1/2029 (a) | 8,610 | 8,352 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 13,853 | 13,240 |
53,801 | ||
Specialty Retail — 2.3% | ||
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 4,416 | 3,995 |
4.63%, 11/15/2029 (a) | 6,248 | 5,451 |
4.75%, 3/1/2030 | 1,685 | 1,440 |
Bath & Body Works, Inc. | ||
9.38%, 7/1/2025 (a) | 97 | 102 |
6.63%, 10/1/2030 (a) | 4,158 | 3,893 |
6.88%, 11/1/2035 | 331 | 300 |
6.75%, 7/1/2036 | 2,199 | 1,931 |
Gap, Inc. (The) | ||
3.63%, 10/1/2029 (a) | 3,627 | 2,786 |
3.88%, 10/1/2031 (a) | 1,519 | 1,147 |
Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | 6,335 | 5,315 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 13,674 | 12,493 |
7.75%, 2/15/2029 (a) | 5,981 | 5,532 |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 4,268 | 3,521 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 6,079 | 5,433 |
6.13%, 7/1/2029 (a) | 3,971 | 3,294 |
6.00%, 12/1/2029 (a) | 7,925 | 6,492 |
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 24,652 | 21,993 |
10.75%, 4/15/2027 (a) | 14,544 | 10,633 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 4,530 | 3,905 |
99,656 | ||
Thrifts & Mortgage Finance — 0.5% | ||
Nationstar Mortgage Holdings, Inc. | ||
5.50%, 8/15/2028 (a) | 4,768 | 3,999 |
5.13%, 12/15/2030 (a) | 5,902 | 4,601 |
5.75%, 11/15/2031 (a) | 6,875 | 5,498 |
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (a) | 3,734 | 3,184 |
3.63%, 3/1/2029 (a) | 4,696 | 3,780 |
4.00%, 10/15/2033 (a) | 660 | 485 |
21,547 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — 1.2% | ||
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 3,400 | 3,214 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 19,887 | 17,749 |
United Rentals North America, Inc. | ||
4.88%, 1/15/2028 | 3,635 | 3,486 |
5.25%, 1/15/2030 | 6,185 | 5,829 |
3.88%, 2/15/2031 | 2,868 | 2,467 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 7,280 | 7,371 |
7.25%, 6/15/2028 (a) | 10,535 | 10,673 |
50,789 | ||
Wireless Telecommunication Services — 0.6% | ||
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 585 | 544 |
Sprint LLC | ||
7.63%, 2/15/2025 | 9,533 | 9,875 |
7.63%, 3/1/2026 | 13,554 | 14,255 |
United States Cellular Corp. 6.70%, 12/15/2033 | 4,343 | 3,799 |
28,473 | ||
Total Corporate Bonds (Cost $4,115,248) | 3,645,655 | |
Loan Assignments — 6.5% (d) (i) | ||
Auto Components — 0.2% | ||
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 6.27%, 4/6/2024 | 1,721 | 1,713 |
DexKo Global, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%; ICE LIBOR USD 3 Month + 3.75%), 7.68%, 10/4/2028 | 10,014 | 9,035 |
10,748 | ||
Beverages — 0.1% | ||
Triton Water Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 7.17%, 3/31/2028 | 7,245 | 6,666 |
Chemicals — 0.0% ^ | ||
Solenis International LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.44%, 11/9/2028 | 2,170 | 2,072 |
Commercial Services & Supplies — 0.2% | ||
Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 6.82%, 6/21/2028 | 7,626 | 7,231 |
Containers & Packaging — 0.8% | ||
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.02%, 4/3/2024 | 16,733 | 16,221 |
Graham Packaging Co., Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.07%, 8/4/2027 (j) | 13,109 | 12,797 |
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 9.07%, 10/29/2028 | 8,175 | 7,753 |
36,771 | ||
Diversified Telecommunication Services — 0.2% | ||
Altice France SA, 1st Lien Term Loan B-13 (France) (ICE LIBOR USD 3 Month + 4.00%), 8.65%, 8/14/2026 | 6,977 | 6,722 |
Food & Staples Retailing — 0.4% | ||
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038 | 1,814 | 1,457 |
Moran Foods LLC, 1st Lien Term Loan B | ||
(ICE LIBOR USD 3 Month + 7.00%), 10.67%, 4/1/2024 ‡ | 13,932 | 11,192 |
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 14.42%, 10/1/2024 | 11,041 | 6,404 |
19,053 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
Health Care Equipment & Supplies — 0.1% | ||
Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.32%, 10/23/2028 | 4,824 | 4,576 |
Health Care Providers & Services — 0.5% | ||
Envision Healthcare Corp., 1st Lien Term Loan | ||
(1-MONTH CME TERM SOFR + 3.75%), 7.49%, 3/31/2027 | 11,872 | 2,651 |
(1-MONTH CME TERM SOFR + 4.25%), 7.99%, 3/31/2027 | 4,849 | 1,455 |
PAREXEL International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 11/15/2028 | 9,210 | 8,845 |
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 9.13%, 6/26/2026 | 13,720 | 7,623 |
20,574 | ||
Household Durables — 0.2% | ||
Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 7.32%, 5/17/2028 | 10,683 | 7,734 |
Internet & Direct Marketing Retail — 0.1% | ||
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 9.07%, 9/25/2026 | 5,762 | 3,518 |
IT Services — 0.1% | ||
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.81%, 7/12/2023 | 4,912 | 3,326 |
Leisure Products — 0.3% | ||
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2023 ‡ (g) | 3,719 | 405 |
Hercules Achievement, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.57%, 12/16/2024 | 14,479 | 13,879 |
14,284 | ||
Machinery — 0.4% | ||
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 8.69%, 4/5/2029 | 5,187 | 4,850 |
Thyssenkrupp Elevator, 1st Lien Term Loan B-1 (ICE LIBOR USD 6 Month + 3.50%), 6.87%, 7/30/2027 | 9,785 | 9,369 |
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.88%, 3/28/2025 | 4,005 | 3,758 |
17,977 | ||
Media — 0.6% | ||
DIRECTV Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 9.07%, 8/2/2027 | 12,658 | 12,106 |
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.07%, 5/1/2026 | 12,331 | 11,536 |
Summer (BC) Holdco B SARL, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 8.17%, 12/4/2026 | 2,732 | 2,509 |
26,151 | ||
Personal Products — 0.6% | ||
Nestle Skin Health SA, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 10/1/2026 | 25,649 | 24,326 |
Revlon Consumer Products Corp., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.57%, 9/7/2023 | 7,785 | 2,088 |
26,414 | ||
Road & Rail — 0.4% | ||
First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 6.64%, 7/21/2028 | 7,731 | 7,255 |
First Student Bidco, Inc., 1st Lien Term Loan C | ||
(ICE LIBOR USD 3 Month + 3.00%), 6.64%, 7/21/2028 | 2,875 | 2,698 |
(3-MONTH CME TERM SOFR + 4.00%), 7.65%, 7/21/2028 | 417 | 400 |
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 7.65%, 7/21/2028 | 6,000 | 5,760 |
16,113 | ||
Semiconductors & Semiconductor Equipment — 0.1% | ||
Brooks Automation, 1st Lien Term Loan B (1 Month SOFR + 3.10%; 6 Month SOFR ), 5.26%, 2/1/2029 | 3,491 | 3,290 |
Software — 0.1% | ||
Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.86%, 12/1/2027 | 4,715 | 4,570 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
Specialty Retail — 1.1% | ||
Claire's Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 10.57%, 12/18/2026 (k) | 13,105 | 11,664 |
Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.92%, 3/3/2028 | 12,480 | 12,079 |
PrimeSource, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.99%, 12/28/2027 | 5,617 | 4,866 |
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 8.57%, 12/22/2025 | 19,929 | 13,538 |
Serta Simmons Bedding LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 10.79%, 8/10/2023 | 12,911 | 5,936 |
48,083 | ||
Total Loan Assignments (Cost $330,984) | 285,873 | |
SHARES (000) | ||
Common Stocks — 2.5% | ||
Communications Equipment — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 300 | — |
Diversified Financial Services — 0.0% ^ | ||
ACC Claims Holdings LLC ‡ * | 7,076 | 18 |
Diversified Telecommunication Services — 0.2% | ||
Frontier Communications Parent, Inc. * | 356 | 9,188 |
Energy Equipment & Services — 0.0% ^ | ||
Telford Offshore Holdings Ltd. (Cayman Islands) ‡ * | 368 | — |
Equity Real Estate Investment Trusts (REITs) — 0.3% | ||
VICI Properties, Inc. | 393 | 13,434 |
Food & Staples Retailing — 0.0% ^ | ||
Moran Foods Backstop Equity ‡ * | 616 | 1,539 |
Internet & Direct Marketing Retail — 0.1% | ||
MYT Holding Co. ‡ * | 5,623 | 1,614 |
Media — 0.1% | ||
Clear Channel Outdoor Holdings, Inc. * | 2,312 | 2,612 |
iHeartMedia, Inc., Class A * | 273 | 2,196 |
4,808 | ||
Oil, Gas & Consumable Fuels — 0.8% | ||
Chesapeake Energy Corp. | 82 | 8,525 |
Chord Energy Corp. | 68 | 10,277 |
EP Energy Corp. ‡ * | 296 | 2,072 |
Gulfport Energy Corp. * | 180 | 14,620 |
35,494 | ||
Pharmaceuticals — 0.1% | ||
Mallinckrodt plc * | 193 | 2,093 |
Professional Services — 0.4% | ||
NMG, Inc. ‡ * | 89 | 15,756 |
Specialty Retail — 0.1% | ||
Claire's Stores, Inc. ‡ * | 17 | 5,429 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Wireless Telecommunication Services — 0.4% | ||
Intelsat SA (Luxembourg) ‡ * | 748 | 19,067 |
Total Common Stocks (Cost $96,609) | 108,440 | |
Convertible Preferred Stocks — 0.7% | ||
Specialty Retail — 0.7% | ||
Claire's Stores, Inc. ‡ *(Cost $3,724) | 13 | 29,036 |
PRINCIPAL AMOUNT ($000) | ||
Convertible Bonds — 0.5% | ||
Hotels, Restaurants & Leisure — 0.0% ^ | ||
Royal Caribbean Cruises Ltd. 4.25%, 6/15/2023 | 500 | 524 |
Media — 0.4% | ||
DISH Network Corp. | ||
Zero Coupon, 12/15/2025 | 7,845 | 5,302 |
3.38%, 8/15/2026 | 18,645 | 12,073 |
Liberty Interactive LLC | ||
4.00%, 11/15/2029 | 2,570 | 874 |
3.75%, 2/15/2030 | 4,448 | 1,490 |
19,739 | ||
Oil, Gas & Consumable Fuels — 0.1% | ||
Gulfport Energy Corp. 10.00% (Cash), 11/28/2022 ‡ (b) (c) (h) | 1 | 4,280 |
Total Convertible Bonds (Cost $30,468) | 24,543 | |
SHARES (000) | ||
Preferred Stocks — 0.3% | ||
Communications Equipment — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 358 | 4 |
Internet & Direct Marketing Retail — 0.3% | ||
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 13,477 | 14,471 |
Oil, Gas & Consumable Fuels — 0.0% ^ | ||
Gulfport Energy Corp. ‡ * | — | 417 |
Total Preferred Stocks (Cost $14,233) | 14,892 | |
NO. OF WARRANTS (000) | ||
Warrants — 0.1% | ||
Diversified Telecommunication Services — 0.0% ^ | ||
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD ‡ * | 14 | 192 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | NO. OF WARRANTS (000) | VALUE ($000) |
Warrants — continued | ||
Media — 0.1% | ||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ * | 109 | 4,838 |
Total Warrants (Cost $1) | 5,030 | |
NO. OF RIGHTS (000) | ||
Rights — 0.1% | ||
Diversified Telecommunication Services — 0.0% ^ | ||
Intelsat Jackson Holdings SA, expiring 12/5/2025 (Luxembourg) ‡ * | 157 | 2 |
Independent Power and Renewable Electricity Producers — 0.1% | ||
Vistra Corp., expiring 12/31/2049 ‡ * | 2,823 | 3,600 |
Total Rights (Cost $2) | 3,602 | |
SHARES (000) | ||
Short-Term Investments — 4.9% | ||
Investment Companies — 4.9% | ||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 3.50% (l) (m) (Cost $217,389) | 217,389 | 217,389 |
Total Investments — 98.6% (Cost $4,808,658) | 4,334,460 | |
Other Assets Less Liabilities — 1.4% | 59,697 | |
NET ASSETS — 100.0% | 4,394,157 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
SCA | Limited partnership with share capital |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Security is an interest bearing note with preferred security characteristics. | |
(c) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2022. | |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. | |
(e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(f) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2022. | |
(g) | Defaulted security. | |
(h) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(i) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
(j) | All or a portion of this security is unsettled as of November 30, 2022. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | |
(k) | Fund is subject to legal or contractual restrictions on the resale of the security. | |
(l) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(m) | The rate shown is the current yield as of November 30, 2022. |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund is calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Swaps are valued utilizing market quotations from approved Pricing Services.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2022.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Communications Equipment | $— | $— | $—(a) | $—(a) |
Diversified Financial Services | — | — | 18 | 18 |
Diversified Telecommunication Services | 9,188 | — | — | 9,188 |
Energy Equipment & Services | — | — | —(a) | —(a) |
Equity Real Estate Investment Trusts (REITs) | 13,434 | — | — | 13,434 |
Food & Staples Retailing | — | — | 1,539 | 1,539 |
Internet & Direct Marketing Retail | — | — | 1,614 | 1,614 |
Media | 4,808 | — | — | 4,808 |
Oil, Gas & Consumable Fuels | 33,422 | — | 2,072 | 35,494 |
Pharmaceuticals | 2,093 | — | — | 2,093 |
Professional Services | — | — | 15,756 | 15,756 |
Specialty Retail | — | — | 5,429 | 5,429 |
Wireless Telecommunication Services | — | — | 19,067 | 19,067 |
Total Common Stocks | 62,945 | — | 45,495 | 108,440 |
Convertible Bonds | ||||
Hotels, Restaurants & Leisure | — | 524 | — | 524 |
Media | — | 19,739 | — | 19,739 |
Oil, Gas & Consumable Fuels | — | — | 4,280 | 4,280 |
Total Convertible Bonds | — | 20,263 | 4,280 | 24,543 |
Convertible Preferred Stocks | — | — | 29,036 | 29,036 |
Corporate Bonds | ||||
Aerospace & Defense | — | 54,794 | — | 54,794 |
Airlines | — | 37,833 | — | 37,833 |
Auto Components | — | 134,676 | — | 134,676 |
Automobiles | — | 9,058 | — | 9,058 |
Banks | — | 35,243 | — | 35,243 |
Beverages | — | 7,707 | — | 7,707 |
Biotechnology | — | 6,161 | — | 6,161 |
Building Products | — | 74,868 | — | 74,868 |
Capital Markets | — | 1,716 | — | 1,716 |
Chemicals | — | 103,890 | — | 103,890 |
Commercial Services & Supplies | — | 132,453 | — | 132,453 |
Communications Equipment | — | 42,248 | — | 42,248 |
Construction & Engineering | — | 33,629 | — | 33,629 |
Consumer Finance | — | 130,132 | — | 130,132 |
Containers & Packaging | — | 75,552 | — | 75,552 |
Distributors | — | 3,751 | — | 3,751 |
Diversified Financial Services | — | 7,934 | — | 7,934 |
Diversified Telecommunication Services | — | 364,193 | 8 | 364,201 |
Electric Utilities | — | 22,647 | — | 22,647 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Electrical Equipment | $— | $15,526 | $— | $15,526 |
Electronic Equipment, Instruments & Components | — | 15,027 | — | 15,027 |
Energy Equipment & Services | — | 34,937 | — | 34,937 |
Entertainment | — | 60,369 | — | 60,369 |
Equity Real Estate Investment Trusts (REITs) | — | 91,684 | — | 91,684 |
Food & Staples Retailing | — | 62,608 | — | 62,608 |
Food Products | — | 27,168 | — | 27,168 |
Gas Utilities | — | 7,368 | — | 7,368 |
Health Care Equipment & Supplies | — | 31,498 | — | 31,498 |
Health Care Providers & Services | — | 235,904 | — | 235,904 |
Health Care Technology | — | 8,726 | — | 8,726 |
Hotels, Restaurants & Leisure | — | 203,767 | — | 203,767 |
Household Durables | — | 24,214 | — | 24,214 |
Household Products | — | 52,761 | — | 52,761 |
Independent Power and Renewable Electricity Producers | — | 8,490 | — | 8,490 |
Interactive Media & Services | — | 765 | — | 765 |
Internet & Direct Marketing Retail | — | 9,343 | — | 9,343 |
IT Services | — | 40,635 | — | 40,635 |
Leisure Products | — | 13,582 | — | 13,582 |
Life Sciences Tools & Services | — | 4,541 | — | 4,541 |
Machinery | — | 14,108 | — | 14,108 |
Media | — | 402,350 | — | 402,350 |
Metals & Mining | — | 70,191 | — | 70,191 |
Multiline Retail | — | 17,441 | — | 17,441 |
Oil, Gas & Consumable Fuels | — | 367,767 | 26 | 367,793 |
Paper & Forest Products | — | 2,639 | — | 2,639 |
Personal Products | — | 22,661 | — | 22,661 |
Pharmaceuticals | — | 162,382 | — | 162,382 |
Professional Services | — | 1,931 | — | 1,931 |
Real Estate Management & Development | — | 8,228 | — | 8,228 |
Road & Rail | — | 53,396 | — | 53,396 |
Semiconductors & Semiconductor Equipment | — | 40,863 | — | 40,863 |
Software | — | 53,801 | — | 53,801 |
Specialty Retail | — | 99,656 | — | 99,656 |
Thrifts & Mortgage Finance | — | 21,547 | — | 21,547 |
Trading Companies & Distributors | — | 50,789 | — | 50,789 |
Wireless Telecommunication Services | — | 28,473 | — | 28,473 |
Total Corporate Bonds | — | 3,645,621 | 34 | 3,645,655 |
Loan Assignments | ||||
Auto Components | — | 10,748 | — | 10,748 |
Beverages | — | 6,666 | — | 6,666 |
Chemicals | — | 2,072 | — | 2,072 |
Commercial Services & Supplies | — | 7,231 | — | 7,231 |
Containers & Packaging | — | 36,771 | — | 36,771 |
Diversified Telecommunication Services | — | 6,722 | — | 6,722 |
Food & Staples Retailing | — | 7,861 | 11,192 | 19,053 |
Health Care Equipment & Supplies | — | 4,576 | — | 4,576 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Health Care Providers & Services | $— | $20,574 | $— | $20,574 |
Household Durables | — | 7,734 | — | 7,734 |
Internet & Direct Marketing Retail | — | 3,518 | — | 3,518 |
IT Services | — | 3,326 | — | 3,326 |
Leisure Products | — | 13,879 | 405 | 14,284 |
Machinery | — | 17,977 | — | 17,977 |
Media | — | 26,151 | — | 26,151 |
Personal Products | — | 26,414 | — | 26,414 |
Road & Rail | — | 16,113 | — | 16,113 |
Semiconductors & Semiconductor Equipment | — | 3,290 | — | 3,290 |
Software | — | 4,570 | — | 4,570 |
Specialty Retail | — | 48,083 | — | 48,083 |
Total Loan Assignments | — | 274,276 | 11,597 | 285,873 |
Preferred Stocks | — | — | 14,892 | 14,892 |
Rights | — | — | 3,602 | 3,602 |
Warrants | — | — | 5,030 | 5,030 |
Short-Term Investments | ||||
Investment Companies | 217,389 | — | — | 217,389 |
Total Investments in Securities | $280,334 | $3,940,160 | $113,966 | $4,334,460 |
(a) | Amount rounds to less than one thousand. |
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
Balance as of February 28, 2022 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of November 30, 2022 | |
Investments in Securities: | |||||||||
Common Stocks | $42,398 | $21,031 | $(33,468) | $— | $— | $(27,084) | $42,618 | $— | $45,495 |
Convertible Bonds | 3,641 | — | 639 | — | — | — | — | — | 4,280 |
Convertible Preferred Stocks | 28,969 | — | 67 | — | — | — | — | — | 29,036 |
Corporate Bonds | 203 | — | (169) | —(a) | 785 | (785) | — | — | 34 |
Loan Assignments | 14,193 | (38) | (2,698) | 217 | 241 | (318) | — | — | 11,597 |
Preferred Stocks | 14,718 | — | 174 | — | — | — | — | — | 14,892 |
Rights | 3,813 | — | (211) | — | — | — | — | — | 3,602 |
Warrants | 2,513 | — | 2,517 | — | — | — | — | — | 5,030 |
Total | $110,448 | $20,993 | $(33,149) | $217 | $1,026 | $(28,187) | $42,618 | $— | $113,966 |
1 | Purchases include all purchases of securities and securities received in corporate actions. | ||||||||
2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
(a) | Amount rounds to less than one thousand. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(44,641).
Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended November 30, 2022.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements #
Fair Value at November 30, 2022 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |
$18 | Terms of Exchange Offer / Restructuring | Expected Recovery | $0.00 ($0.00) | |
0(b) | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Liquidity Discount | 30.00% (30.00%) | |||
Common Stocks | 18 | |||
417 | Terms of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
4 | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Liquidity Discount | 30.00% (30.00%) | |||
Preferred Stocks | 421 | |||
405 | Terms of Restructuring | Expected Recovery | 10.90% (10.90%) | |
Loan Assignments | 405 | |||
4,280 | Terms of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
Convertible Bonds | 4,280 | |||
8 | Terms of Restructuring | Expected Recovery | 0.01 ($0.01) | |
Corporate Bond | 8 | |||
Total | $5,132 |
# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2022, the value of these investments was $108,834. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. |
(a) | Unobservable inputs were weighted by the relative fair value of the instruments. |
(b) | Amount rounds to less than one thousand. |
(c) | Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended November 30, 2022 | |||||||||
Security Description | Value at February 28, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2022 | Shares at November 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 3.50% (a) (b) | $52,250 | $2,175,902 | $2,010,763 | $— | $— | $217,389 | 217,389 | $1,573 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2022. |